Nanosolar worth $2 billion

Nanosolar, a developer of copper-indium-gallium-selenide (CIGS) solar cells, is looking at raising additional funds with large valuations on themselves.

Nanosolar was founded in 2002 and is currently building a large solar cell factory in California and its corresponding panel-assembly factory in Luckenwalde, Germany.

The US-based company is telling investors it will have a valuation, of around $2 billion, according to Cnet news. The company just started shipping solar cells to customers at the end of 2007.

Nanosolar CEO Martin Roscheisen says that the company does not have a term sheet and did not comment on these rumours or the valuation.

The high valuation seems to be driven by the dynamics of the solar business, where demand outstrips supply. The shortage of silicon however continues to hamper manufacturers of silicon solar panels. CIGS solar panels aren't as efficient, but will cost less.

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